1. The fourth step in the closing procedure is to close the Income Summary account into the Capital account

False

True

2. The post-closing trial balance will include

a) Rent Expense.

b) Income from Services.

c) Depreciation Expense.

d) Accumulated Depreciation.

e) Drawing.

3. The entry to close Income Summary, assuming a net loss, would involve a

a) credit to Income Summary.

b) debit to net income.

c) credit to capital.

d) credit to cash.